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CEO Of Italy's Largest Bank Says Haircuts Of Uninsured Depositors "Acceptable", Should Become A Template
While the head of the ECB and his assorted kitchen sinks scramble to explain how Diesel-BOOM was horribly misunderstood when saying that depositor impairment may and will be the template for future European bank "resolution" (as should have been the case from Day 1), the CEO of Italy's largest bank appears to have missed the memo. As Bloomberg reports, according to the chief executive Federico Ghizzoni, "uninsured deposits could be used in future bank failures provided global rulemakers agree on a common approach." Or failing that, because if Cyprus taught us anything is that Europe will never have a common approach on anything, just use deposits as impairable liabilities, period, once the day of reckoning for Non-Performing Loans comes and these are forced to be remarked to reality, just as happened in Cyprus. One can only hope that uninsured deposits do not represent a substantial portion of the bank's balance sheet because the CEO basically just told them they are next if when risk comes back to the Eurozone with a vengeance. Especially since as Mario Draghi was so helpful in pointing out, "there is no Plan B."
To wit:
Cutting large deposits in failing banks, along with other liabilities such as bonds, to offset losses is acceptable as long as small savers’ funds remain protected, Ghizzoni told reporters in Vienna late yesterday. The European Union has to introduce identical rules in all of its member states and ideally those rules would be coordinated globally, he said.
In fact, to the Italian, deposit impairment is perfectly ok as long as "everyone does it" - in other words, if it does become the template the Dutch finance minister already said it is, then all is well.
Including deposits “is acceptable if it becomes a European solution,” said Ghizzoni, 57. “What we cannot accept is differentiation country by country inside the same area. I would strongly suggest to make this decision not only within Europe but within the Basel Committee, where all countries are represented. Otherwise we would open the market for arbitrage.”
Ghizzoni said deposits should only be included when bonds aren’t sufficient, and those below the guaranteed level of 100,000 euros should be off limits. While he would prefer not to touch them at all, including deposits in a global plan was a acceptable solution, he said.
“The deposit issue is very sensitive,” he said. “It will become part of the discussion for the bail-in instruments related to the resolution plans of banks. I hope it will be addressed carefully and with clarity.”
Which makes perfect sense: where will those "evil, tax-evading oligarchs" go if everyone in the world says that no uninsured deposits anywhere are safe any more.
Well, perhaps Singapore? Or the Caymans? Or Lichtenstein? Or Switzerland?
Yes, there are tax havens where the banking sector is not woefully insolvent, and the rich have ways of finding out where these places are. And remember: Italy does not have capital controls to prevent the outflow of deposits. At least not yet.
But what it also means is that for a bank like UniCredit with nearly €1 trillion in assets, the liability side of its balance sheet is about to get far smaller, forcing it to readjust its balance sheet i.e., pump more equity to offset the loss of unsecured funding liabilities. One wonders just how this will happen when no European bank has made any real profits in the past several years, as for raising equity capital... forget it.
More importantly, as the chart below shows, deposits just happen to be a primary source of funding for the Italian megabank. Perhaps trying to spook them is not the smartest idea, especially if UniCredit also plans on one day "resolving" its non-performing loans (15% of total assets? 20%? 25%? 30%?) and is forced to "impair" liabilities from most junior all the way to deposits (and higher).
Ghizzoni's conclusion is perfectly expected: allay any fears that the Monte Paschi specter of depositor outflows has shifted to UniCredit:
Ghizzoni said he had been “afraid” of his clients’ reaction to the measures in the Cyprus rescue and asked for monitoring of deposit flows in all 22 European countries -- stretching from Italy, Germany and Austria as far as Russia and Turkey -- where his Milan-based bank operates. It didn’t find any loss of deposits, he said.
“Really, we were afraid, we started to monitor on a daily basis the flow of deposits in different countries,” he said. “Maybe I’m disappointing you, but in reality we had no reaction so far from customers.”
Maybe the CEO should revisit this issue in a few days to a week, once the bank's clients are fully aware its CEO is perfectly happy to sacrifice the whales in order to preserve his bank's viability. Perhaps then customers will have a slightly different reaction...
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i doubt that any large depositors are still in Italy, Spain etc. but I bet they all just called there banks if they are.
The bar doesn't seem to be set very high to be an Italian bank CEO...
Uh Huh ...
Get GOLD ...
Italian deposits being wathdrawn in: 5,... 4,... 3,...
Look for Swiss bond rates to go more negative, US bonds could soon go negative as money flows out of the Euro-tanic
Gee, why would it be that Bitcoin is in demand?
(I love gold, btw, it's just dangerous to move across armed borders.)
This "template" is being implemented in Canada, USA, and the UK as well. Soon there will be no place to hide. Soon enough banks won't accept paper money deposits because you will be looked at as a financial terrorist doing money laundering.
Most in the matrix give you the stink eye if you use cash. Paid for an auto repair in cash once, they shit a brick when I used cash to pay off the bill. Prolly thought I was a dope dealer.
pods
Maybe it's us who have not evolved. No one ever said evolution had to be for the positive. Speciation has happened - you cannot deny it.
sceccu
Soon individuals won't use Banks to deposit funds because Banks will be looked at as financial terrorists doing money laundering.
Into......... BitCoins.
BitCoins as stupid they may seem, become less and less stupid.
As Einstein said: "Two things are infinite: the universe and human stupidity; and I’m not sure about th’universe!"
Be careful of escaping into box canyons.
Someone tell what the difference between what Corzine did to his clients and what Cyprus bankers did to theirs. Answer, none. They both stole money. I gave MY money to you to keep safe. NOT to go gambling with. Bankers and politicians had better figure that one out quick or banks WILL collapse with massive bank runs.
This is like seeing the 'Eurotanic' hitting the iceberg and the crew of politicians and bankers are heading for the lifeboats after deciding which depositors get locked in steerage. Like most crashes, it's horrifying to watch as it happens in kind of a slo-motion display but you just can't avert your eyes...
krispy
what's the name of the tune the bands playing?
It's "Money" by Pink Floyd. Or pretty much anything from 'Dark Side of the Moon'.
..... There is no dark side of the moon, actually. It's all dark.
Nearer, My Gold, to Thee
Well played sir!
[golf clap]
Super Rich Kids by Frank Ocean
Yellow Submarine
"There Must Be 50 Ways To Screw Your Depositors"
I'm thinking one for each of the 57 states.
Supertramp - Crime of the Century.
Just the usual ... sell your soul and give up all free will, nothing special.
Let the class-warfare continue.
Patiently awaiting the Sealy Safe Mattress..
Should be seeing commercials start popping up in a couple weeks.
You got strong brand loyalty for Sealy? If not, there is a Spanish company that makes a matress with a safe in it (surprisingly, not an April Fool's joke, and sold out!):
http://newsfeed.time.com/2013/04/03/the-mattress-safe-an-alternative-to-shaky-spanish-banks/
Yeah, this is how their plan works. They'll start with the "rich," uninsured depositors to make confiscations seem acceptable, but they'll keep revising downward what "rich" is. Eventually, they'll come after everyone, rich and poor, insured and uninsured.
Beheadings should become the template.
That.
Exactly right.
I wouldn''t want to worry any Canadians here but if you have any mutual funds or retirement accounts(?) etc. over $100,000 and your bank experiences financial difficulties you may very likely become the new owner of that same burnt out hulk of a bank.
You may want to read this...
http://www.thestar.com/news/canada/2013/04/04/jim_flahertys_cyprusstyle_...
Even if they do not lower the insurance level, the unintended consequences will be devastating. As discussed previously here, many resturants and other businesses need a float in the hundreds of thousands of dollars just to make payroll and buy supplies. If the Troika was smart/not evil, they would have waited 6 months to see the effects of the policy before declaring it as template.
Just to be quite clear.
When they close a bank down, they take all the money. Insured deposits as well. It's literally all gone anyway, your bank doesn't have your money, and I mean that right now they don't have it. It's why your account is a liability, they owe you that money but they ain't got it.
What you have is a government insurance policy on a bank account. You don't have your money and your bank doesn't have your money and the government doesn't have your money.
You're going to have to wait for that insurance policy to pay out when TSHTF you won't be getting it immediately.
The best way to rob a bank is to own it-
Anon- probably as old as the first bank...
The best way to conquer sovereign nations is to institute a fraudulent financial system that grows like a cancer into all forms of healthy economic activity.
I translated that from a Draghi speech.
Ghordius, if you are out there, what part of your mind do you use to ignore reality?
I think he's busy getting a haircut.
What's the over/under on the implementation of eurozone-wide capital controls? is it measured in days or weeks?
Whenever it starts it will be about a week too late.
On the bright side, money velocity should now be going moonshot.
pods
Actually, no. Money has to change hands from one owner to another to have "velocity". Moving it from your account in Italy to your account in Germany doesn't count towards velocity.
Unless you're thinking of it's PHYSICAL velocity, which is likely to be around 550MPH. The speed of your average private jet heading out of Europe to the Caymans with bags of cash in the cargo hold.
Smart people are going to realize that nowhere is safe.
Why are the Caymans any different than Europe?
So either find something that keeps value, or earn more than the head lopping "haircut."
But they aren't going to just move it to the next bank.
pods
They will for awhile. ie Move to the relative safety of a different locale.
The penny will drop over the next couple of weeks,that no bank is safe anywhere.
Just make sure you get your PM's before that penny hits the floor.
They are on sale now,courtesy of Zimbabwe Ben, and the PPT,so buy as much as
you can afford..
The beatings, ur um haircuts, will continue until moral improves.
Corzine is the template. Client money is the organization's money and if the organization gambles and loses, then the client loses.
This might be just the thing Self Storage companies need to do to go parabolic.
1. Take out loans using all of the stuff in the storage units as collateral.
2. Make big bets at casinos/financial markets around the world.
3. Sell people's stuff on eBay to cover losses. Double bonus to execs if they sell someone's possessions back to them.
But there are still large "depositors" at flammable entities like GS; and that is one place I wouldn't want to be when the American Haircuts begin...
More likely NOT. There must be a pathological WILL to keep trusting all bankers in Europe. That is why Draghi and Ben will do everything in their power to calm the waters.
As a rule of governance, I would force that the ENTIRE wealth of the Bank's CXO and First Management line would be in the bank they are managing.
I want to see them supporting such a rule then.
as a rule of governance i would forbid banks creating money out of thin air. That would be enough to end this madness
Not just Italy.
Depositors are moving money now.The SWIFT transfers I did on
Tuesday morning have still not gone thru'.
Something very,very bad is happening behind the curtain.
Great call a couple of days ago Winston.
All big money is now hot money. It's growing wings.
What could go wrong?
I totally agree, the rich guys must know which banks and countries are about to go under and they most likely bailed.
We've got your money, suckers. Whaddaya gonna do about it?
Thing is, at the moment, they don't, but they've just defacto said 'any day now, we're going to shut the doors, take what we need and then control your ability to get at whatever's left'. And yet, somehow, this statement hasn't provoked a bank run.
exactly Al. So why say it? Either they are trying hard to start a bank run, or they are just making confiscation such a trivial issue that people just accept it, which it seems they are. otherwise, unless someone slipped him a truth telling drug, why just come out and say this?
It seems like a bizarre, yet effective conditioning exercise - tell everybody that deposits are fair game, then tell everybody that 'nobody seems to mind, we haven't seen any outflows or withdrawals' and let mass psychology do it's thing. It's hard to believe it works, but apparently it does.
well then we already live in an idiocracy
That's my conclusion too.
I agree. This is a pretty dumb (brainwashed) herd. However, there has to be a point where the herd turns and begins to run. Just seems for now the herd is a little less responsive than would seem normal... which makes sense!
Everyone seems to believe they can outrun the other sheep
Unfortunately that is my plan. ha ha. It's all I have - so don't laugh. (okay, go ahead and laugh).
What if this is the dumbest plan ever to increase money velocity?
In the US velocity is in the toilet, probably in Europe too.
Use it or lose it?
pods
I think you are right.
Only problem with it being a plan to increase velocity (by forced consumption?), is that, just as AAPL's market cap can be increased or decreased by $10B by two guys trading a few million $ back and forth, 90%+ of the "deposits" would be vaporized by the withdrawal of the other 10%.
How do you like them deposits?
If I am in the 10%?
The 90% were doomed when the first fractional reserve dollar/euro/yen was created and loaned out.
That is the way it always has been.
I am not saying it will work, in fact, I think that the whole idea of stealing deposits was the signal that the end game is upon us.
We are in a gigantic deflationary implosion.
The only question now is will it be countered with the historic cure of hyperinflationary expansion.
Either way, the game is over.
As we used to say:
It is all over but the sex and the crying.
pods
Wrong.Its electronic and very serious.They are lying.
SWIFT is so overloaded that the 2 hour wait is now 2 days and counting.
I repatriated some crap fiat via SWIFT to Happy Happy Gnome Land today, I'll see how long it takes to to show up...
Lets see what happens and compare notes.
Beginning to wonder if even Switzer accounts are OK,might be a roach motel,
can send money in,but not out.
Have to get my Eagles CD out.
Gents: please DO tell us about your ongoing SWIFT adventures!
I'll let you know - the wire was supposed to be executed this PM EST from Wells Fuk'd which doesn't use a NY correspondent, so PostFinance in theory would process it Monday morning (and sit on until Tuesday- but that is the price I pay for as close as one gets to judgement-proof banking in Switzerland).
Lest you think no one reads your comments, yours (yesterday?) was one I remembered. Has your transfer come through yet?
Lets accelerate the bank runs. Nicely done.
how about creating a bank which does not gamble with depositors' money but instead simply safe-keeps it
Now that is some funny shit right there...
Ha ha ha ha, yes funny, and old. The first banks did exactly that, and CHARGED the depositors for the safety. You don't get paid for your deposit unless you let them lend it out.
Sure, Full Reserve Demand Deposit Bank account, $20 per month and $1 per transaction. If you put at least $1000 into a 5-year term deposit at 1% less than the fractional reserve banks are offering, all fees are waived on your demand deposit account.
In exchange, the demand deposits are 100% gauranteed (government insured) but the term deposits have no gaurantee.
And no interest on demand deposits.
yeah....i'm going to name that bank "Under the Mattress"
You have to pay them a fee to hold it.
poor thang, you must be out of your mind. /sarc
OK, so EVERYBODY's BEEN FUCKING WARNED. If the bank needs the cash, they're coming for yours. Anybody who leaves anything other than what they need for short term expenses deserves what they fucking get.
why warn? why warn? why warn? this is the opposite of a bank holiday.
Why indeed. Suddenly transparent, the EU starts to smell fishy...
I used to work at the executive level of a mid-sized company, and honestly, it was impossible to get even senior people to NOT put their foot in their mouths at every possible opportunity - say the strategically wrong thing, say the 'literally' wrong thing, and generate all kinds of unwelcome blowback. So it's possible that it's just that. But in any case, the bigger question is 'why is nobody ACTING on the warning?!?'
You know the answers.
- Prior conditioning
- Trust in authority and european "solidarity" No plan B
- Deer in the middle of the road and frozen in the headlights
I did. Monday before Easter, I pulled out. Only bit left is for expenses, so I have to take the risk of loss on that.
Besides - who else - someone unbiased - says/documents that noone is taking action? This guy is a CEO for a large bank in Italy. Could he possibly come out and say anything else?
I'd say that part of the problem, which is coincidentally a distinct advantage for the drunken sociopaths who are driving the out-of-control train, is that most of the masses are so consumed by their rapidly mounting, everyday concerns and fears, that they are too busy and/or fatigued to put much time into serious research and thought.
I'm not excusing offering excuses, but the current context of their lives certainly contributes to their apparant ignorance and apathy.
A. If the bank needs the cash, thery're coming for yours;
B. The banks(ters) "need" the cash;
C. Can dead bankers spend money?
A dentist invented the electric chair
Did a thief invent the bank?
Laziest Thief Ever: Have I got a deal for you, my friend. You leave your gold with me, I guard it, and in exchange, every month I take 1 percent of it as wages.
Amazingly, this somehow worked.
Almost like they are trying to create a terminal run--how many deposits can these banks pay out, right now??? Are their reserves that fat? Yeah right. Where will the money come from?
Amazing. And the sheeples just keep whistling past the grave yard. This is going to get very ugly and that is a fact.....Just the timing.
What about uninsured executive payment packages?
Everyone knows they FUCKING LIE right up to the moment they steal your money.
Its a drivethru..".they fuck you at the drivethru"...Lethal Weapon
so the CEO of Italy's largest bank just offered his thoughts up out of the blue? What prompted him to put his two cents in?
Precisely. The pace isn't running as hot as "someone" wants, so time for another gentle nudge. Wish I could sign on to the "pure stupidity" theory, but I... just.... can't.... get.... there.
It can't be just stupid. Last week everyone shit a brick when it was first mentioned.
Now it is everywhere.
Certainly not an accident.
In my mind this does not end well. Except for ways of storing wealth that has no counterparty risk.
pods
Yeah, I am leaning that way myself. Someone is starting a fire here.
I think this is the tip of the iceberg in terms of nasty things that will be done to keep everyone in the system and the party going. At some point they will probably seek to make it impossible to move assets in and out of the fiat game.
Sounds like a klaxxon for anyone who has an EU bank account.
It works in exactly the same way in the USA.
THIS is plan B
This is how a bank run down is SUPPOSED to happen, with the large caveat of 'as long as the shareholders and bondholders are zero'd out FIRST". Thats bank liquidation 101. Unfortunately, it appears thats not what happened in Cyprus, as I believe the Bondholders werent zero, they were propped up. That should have been molotov time.
I'm a gonna make you an offer you won't understand...
You see, you so called depositors are actually investors in the bank.
And for this we pay you zero interest and charge you fees for the privilege.
If we fuck up generating bonus income on the back of your "free money", you will pay for our sins!
Capeeeeeeesh?
We call this, Plan Bunga!
Are you trying to say Capisce?
http://www.youtube.com/watch?v=IYwwQbkn83c
The biggest problem with this brainstorm is the countries who can print, don't "owe" and can bail out banks like the USA and England and Canada.
I suggest Europe does the same as it worked for Japan in the past and may do it again, contrary to popular reasoning.
If a country can produce its own currency, there is no requirement for taxation or debt. Maybe we are on the cusp of a great financial rethink and the old rules will no longer apply.
If I am wrong, well there are still ways to survive and the black market and smuggling are two ideas which come to my mind.
Kill that bastard thief.
yeap....and the phony paper price of the only 2 forms of real money FREE 100% of counterparty risk INCLUDING OUTRIGHT THEFT continues to be whacked to the downside.....
mother fuckers cant see the serfdom for the trees...
so long suckers.............
Nope...doesn't sound like an EU liquidity crisis AT ALL.
So once again, the roulette wheel lands on "screw the peons!" ...
Seems to be landing on that one frequently, lately
Can I have a look at that wheel please?
Hmmmm... (examines wheel).... why does every slot say "screw the peons?"
Tyler, in the article you refer to deposits as 'liabilities' for the bank. You're using old-school accounting, and this is probably what's causing the confusion and concern. As has been demonstrated, with a few quick strokes on the keypad, those liabilities turn into the banks' assets, and that changes the picture quite a bit - liabilities down, assets up, retained earnings up, everybody's happy - well, except for the depositors, but hey, they must be ok with it, they left their money in the bank after all - that's equivalent to saying that they want to make a charitable donation to the bank, or take an equity position in the bank, at the bank's discretion and price of their choosing.
Really?
Monti Paschi, Oldest bank in the world, Italy's 3rd largest puts Derivative loses at 730M....
http://www.reuters.com/article/2013/02/06/us-montepaschi-derivatives-boa...
THEN
Monti Paschi shares halted, spokesman found dead...
http://www.cnbc.com/id/100531201
1.Derivative loses
2.Stock halted
3.Bank runs
4. gone bye bye
Great observations - But..... not if everyone does it. If the G20 has agreed to this, its the equvalent of the "three musketeers" or it does not work.
The Derivative facade is coming down....
tic toc
How does North Korea look now? Still think it's a coincidence?
They've got my OK to start launching too.
'and so, the culling of necessary evil begins, with but a whimper-- nor does it foster an inveigh whisper of condescend... as the bell tolls a deafening shout of somnolent acquiescence for the autumn harvest?'
The Going Loco solution:
1. Deposits under the insured limit earn no interest, and the accounts attract fees. All such deposits must be 100% backed by equity. The deposits can be loaned out but without any fractional reserve nonsense.
2. ALL other money taken in by a bank is either equity or bonds. No reason why there can't be as many different types of bond as the bank chooses to issue. Terms from one day to 100 years. Security defined by reference to all the bonds (ie: in tiers). The point being that because they are bonds everyone knows where they stand. These are risk investments and therefore they are not called deposits, they are called bonds.
3.When banks fail rigorously enforce the traditional hierarchy: Equity gets wiped out first, then the lowest tier bondholders, then all the way up until all the bondholders have been wiped out if necessary.
4. Ban OTC "insurance" (derivatives). Force them on to an open exchange where everyone can see what risk the market thinks should apply to each bank.
5.Ban government rescues of banks except in cases where fraud has removed the equity backstop for the depositors.
There you are, problem solved.
Won't happen.
Internet Winter of Discontent
The Internet is designed as a bomb, a slow-motion DNA bomb. Making proprietary systems, MS- etc, transparent closes all the exits, devaluing all national currencies, relative to emerging currencies. As a day trader, your last trade pair should have been with bitcoin. If you look, however, you can already walk onto properties and take them over to produce income, shorting the system more directly, at greater return. Regardless of the published data, the die-off is picking up steam, because the empire scale demographic Ponzi has hit the wall, and its participants cannot provide for their children. No children, no pension. Bernanke is simply piggy-backing to slow the descent of the US Dollar for his keepers, which are hoping, in vain, to hop onto another host.
Have you ever been on an elevator that tried to go up, down, and change speeds simultaneously, just before it stopped mid-floor? It’s quite an experience. That happens because of ac backlash in the dc system. ThyssenKrupp is the worst because its implementation is the most arbitrary. It has many programs running the same product, making it quite difficult to determine in advance which resistor will pop, and it has many redundant resistors, hoping to bypass the backlash, increasing its probability, and its product material is quite cheap, pretty much ensuring stability, right up until it loses control. All of these governments are built the same way.
The nuclear problem is similar as well. Not only are there a multiple loops between the guidance systems and anti-missile systems, but there are also “anti-“missile systems out there that the governments know nothing about. One too many nukes and they start flying all over the place, out of control. There are also submarines out there that no one is tracking, among other weapons. At some point, the pressure will become too great, and the real sh-show will begin. The vortex is fairly stable right now, but it's going to start moving shortly.
The sharks are eating each other. What's the problem? All politics are local, aggregated. Stockton is about to bite its own ass.
they better hurry up, cause the chinese /asians are eating up the sharks into the endangered species via extinction
For me the hardest part is having to constantly remind myself that nothing I hold as a self evident truth really is.
For example, insuring the (small) depositors in a consistent credible way is the reason we no longer have 1930s style bank runs and after taking into account taxes and inflation, at least I know the money in those accounts will not be touched since, well, they just can't without instantly imploding the system.
Really? How do I know this? Because "the people" won't stand for it?
"really, we were afraid...maybe I'm disappointing you, but in reality we had no reaction so far from the customers"...
spooked me real good they did! Shut me out of my accounts for 8 days -so as to 'monitor my reaction'>|??? My favorite gold seller is only a hop skip n a jump from my branch...my reaction was so quick and seamless that it must have slipped under their monitor...good luck wit dat 'reality' thing Ghizzoni - it has a way of creepin up n biting yu in the assoni!
U.S. asks Liechtenstein for data in tax evasion probe
http://news.yahoo.com/u-asks-liechtenstein-data-swiss-banking-probe-074807421.html
Get ready for the second round of bank runs. The banksters have gone so far off the reservation that they need to all be locked in 'rubber rooms'. The pompous audacity of those assclowns has no limits!
I actually prefer "Dis'll blow em" to Diesel Boom. But I must say, Boom is an appropriate metaphor for what's to come.
Russian Warning: Get All Your Money Out Of Western Banking And Financial Institutions “Immediately”!
President Putin has sent a memo to ALL embassy’s world wide today advising both Russian citizens and companies to remove deposits out of ALL Westearn banks immediatly or risk losing your wealth.
http://investmentwatchblog.com/russian-warning-get-all-your-money-out-of-western-banking-and-financial-institutions-immediately/#uCuOghH3XW1X5IZk.99
I have a question for DRAGHI: " So you say there is no plan B. You don't plan for any contingencies... THEN WHAT THE HELL ARE YOU PAID FOR!! ? "
Why the fuck should anyone deposit their money in a bank
1) they are going to steal it
2) they pay no interest on the money they are borrowing from you
SOOOOOO
Why should we?
What else are you going to do with it?
Put it into a different bank?
Yes a different bank. The Tempurpedic Bank & Trust!
And the "service" BLOWS too!
Why don't they start by 'taking a little off the top'?
A bitcoin off topic but has anyone been entertained by FX today? Oh ba ba baby!
Surely you Italians and other EU citizens will accept some political capital in exchange for your money, no?
I'd love to see an analysis of any bank's depositors, i realize it is private, but i'd love to see just what percentage of total deposits on in accounts over the insured level. is it 5%? 50%? i'd imagine it is low with most being invested. which is why they can make statements like this and not expect a run.
Sounds like that motherfucker needs the Il Duce Deluxe Tour of the city.
Get busy paisans!
Why on earth would a bank ceo actually state this aloud? If cyprus didn't give you enough of a reason to transfer funds out of europe, now you can hear it from the horse's' mouth. Maybe instead of doing deposit haircuts, we should take out the agregious ceo pay.
They say this out loud because they truly believe that they are above it all... that they have a right to their depositor's money, and this right is as obvious as the Bentley in their dedicated parking space.
Once you reach a lofty perch on the corporate ladder, the cloud cover obscures the reality below.
Furthermore, it doesn't matter how loud you scream in a soundproof room. The media doesn't disseminate the facts to the public; they will never hear the truth until it smacks them in the face. And then, it will be spun.
Let me get this fucking straight. The TBTF's get tax payer money and the mid sized and small companies get their working capital stolen...I see how this works, and as there is no "plan B" (leave the debt slave Euro), then where does this all lead? Oh, One World Everything from the bigs!
"Global rulemakers"....is that code for David Rockefeller and the cabal at the Counsel for Foreign Relations and the rest of the One World Government crowd?
This is a big hint for anyone with uninsured deposits to remove them immediately. Do not wait because capital controls could be slapped on at any time. The authorities will deny all problems and insist everything is fine until the very day that controls are imposed.
Thats the way it should have been uninsured deposits were always at risk until fascism took over and the fascist criminals pick and choose who wins and who losses. Canada is right for making that point perfectly clear if you are banking with criminals or incompetent be prepard to pay the price .
Global coordinated theft. Well, it's another arguement for Grillo in the september Italian elections. About time these fuckers get wiped out.
It's clearly a sign that this CEO has no money in the bank. Btw, unless not completely mentally retarded, it's a no-brainer for any bank manager.
Eye-ti's used to be very good at direct payback for theft of this blatant nature... we will see if they still are... maybe find this guy hiding in Palermo... but his head is found in Naples...
The government needs to give me more money if they expect to get a haircut out of me.
No mention of firing stoopid, over-leveraged bank CEOs...
The bank didn't lose any money. The CEO and management lost it. Why don't they pay?
1) They go after the uninsured
2) They will declare the insured uninsured
3) go to 1
Here is something Italian despositors can rap to: https://www.youtube.com/watch?v=P3YeIPi3sYQ
Nowhere is safe... even EUR Money Market Funds are being altered.
Fuck you assholes...